Tanya Abrosimova
Independent Analyst
- Ethereum has lost all Tuesday's gains.
- Correction may take the coin below $600 to 61.8% Fibo.
Ethereum has lost nearly 10% so far amid general cryptocurrency sell-off. The coin dropped back below $700.00 handle to trade at $635.00 during early European hours with $700.00 remaining the main short-term hurdle, followed by $720.00 (50% Fibo). This area proved to be too strong to be taken out at first try, which means that further correction with downside bias may be in store.
On the other hand, 200-DMA at $635 provides a good support with fresh buying interest registered around that area. As long as the price stays above this threshold, the upside may be resumed after a short period of range-bound trading. If it is broken, the market focus will shift onto $600 and $570 (61.8% Fibo).
Meanwhile, Ethereum is facing a fork threat once again as developers cannot find a middle-ground about controversial EIP 999 proposal that will allow returning over $264M of lost funds.
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